AXIS Completes Previously Announced Transaction With Enstar

Core Viewpoint - AXIS Capital and Enstar Group have completed a loss portfolio transfer transaction covering reinsurance segment reserves primarily related to casualty portfolios from 2021 and prior underwriting years [1][2]. Group 1: Transaction Details - The loss portfolio transfer agreement encompasses reinsurance segment reserves totaling $3.1 billion as of September 30, 2024, structured as a 75% ground-up quota share [2]. - AXIS is retroceding $2.3 billion of reinsurance segment reserves to Enstar through this agreement [2]. - The transaction was facilitated by Enstar's subsidiary, Cavello Bay Reinsurance Limited, which holds 'A' ratings from S&P and AM Best for financial strength [2]. Group 2: Company Profiles - AXIS Capital operates as a global specialty underwriter and provider of insurance and reinsurance solutions, with shareholders' equity of $6.1 billion as of September 30, 2024 [4]. - AXIS Capital has a financial strength rating of "A+" from Standard & Poor's and "A" from A.M. Best [4]. - Enstar is a global insurance group listed on NASDAQ, recognized for its capital release solutions and has completed over 120 acquisitions since its inception in 2001 [5].